CAIRO: Egypt s main index gained 1 percent in strong volumes as financial stocks lead the market higher for a fourth straight session to another fresh year high.
Commercial International Bank jumped 4.5 percent and investment bank EFG-Hermes gained 7 percent, both in volumes well above their five-day and 90-day averages.
EFG-Hermes is usually treated as a proxy for the market. If people are expecting the market to do well, EFG usually leads it slightly, said one senior trader at a Cairo brokerage.
He also says CIB is drawing interest from foreign buyers, attracted by its ability to maintain its net interest income even as the central bank has been lowering rates.
Real estate firms are also buoyant after results indicating that the sector is not being hurt as much as expected by the financial downturn, and are also expected to do better after Egypt s growth figures came in ahead of expectations.
Talaat Mousafa gained 6 percent, Palm Hills Development added 4.8 percent and SODIC ended 6 percent higher. Heavyweight Orascom Construction gained 1.1 percent.
The index fields 20 gainers and 10 decliners, with Egypt Kuwait Holding the biggest check on the index s gains, finishing down 1.3 percent. -Reuters
